Big Swing Thursday: Dave's Daily

Markets are limping into the close of July which still remains a good month overall. Volume is depressingly light and calls into question rallies since most of the action seems as traders just picking each other's pockets. But, much of this light volume may be due to an ICI report showing equity mutual funds saw their 12^th sequential outflow of funds--$1.5 billion--this while markets advanced nearly 10%. So, who are we kidding here? It's just trading desks, a few HAL 9000s and some hedge funds accounting for all the action.

Late today ORCL was sued by the U.S. government alleging fraud but I don't see much action in the stock after the close. Further, news has just been released that Google's ads are being blocked in China and the stock immediately traded lower late.

Friday is the last day of trading for July. We'll get plenty of market moving economic data, not to mention more earnings. August is shaping up as an adventure in light volume.

Let's see what happens. You can follow our pithy comments on twitter and become a fan of ETF Digest on facebook.

 

Disclaimer: Among other issues the ETF Digest maintains positions in: GLD, UDN and ULE.

 

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